business interest expense deduction

Adjusting Financial Statements for COVID-19 Tax Relief Measures

Adjusting Financial Statements for COVID-19 Tax Relief Measures

The Coronavirus Aid, Relief, and Economic Security (CARES) Act, signed into law on March 27, 2020, contains several tax-related provisions for businesses hit by the novel coronavirus (COVID-19) crisis. Those provisions will also have an impact on financial reporting. Companies that issue financial statements under U.S. Generally Accepted Accounting Principles (GAAP)

Sonya Foster2021-04-12T14:54:14-06:00April 28th, 2020|

Understanding the TCJA Limit on Interest Expense Deductions

Understanding the TCJA Limit on Interest Expense Deductions

The Tax Cuts and Jobs Act (TCJA) introduced a variety of tax benefits for businesses, including slashing corporate income tax rates, temporarily reducing individual rates, and it established a new 20% deduction for certain pass-through income. However, the TCJA also placed limits on several tax breaks, including the amount for

Sonya Foster2021-04-12T14:55:07-06:00October 15th, 2019|